Summary
- It said that there were signs Marathon Digital transferred 519.46 Bitcoin, approximately $48.3 million, to FalconX.
- It said FalconX is a crypto asset brokerage and custody platform for institutional investors.
- It said that moving Bitcoin to an exchange by a mining company is interpreted as a preliminary step for selling or hedging.
Crypto asset (cryptocurrency) mining company Marathon Digital was observed transferring a large amount of Bitcoin to an institutional trading platform.
On the 6th (local time), according to on-chain data analysis platform OnChainLens, Marathon Digital deposited 519.46 BTC to FalconX. This is approximately $48.3 million at the time of the transfer.
FalconX is a crypto asset brokerage and custody firm for institutional investors. Typically, moving Bitcoin held by a mining company to an exchange is interpreted as a preliminary step for liquidation through selling or for hedging (risk avoidance).
